Latest Developments in the OECD standing of the Cayman Islands & the British Virgin Islands

The Organisation for Economic Cooperation and Development (‚ÄúOECD‚ÄĚ) at the G-20 Summit in April this year developed a three-tiered classification for offshore financial centres according to an internationally agreed standard. An offshore financial centre may be classified as ‚Äėwhite‚Äô, ‚Äėgrey‚Äô or ‚Äėblack‚Äô based on the number of Tax Information Exchange Agreements (‚ÄúTIEA‚ÄĚs) entered into. A classification of ‚Äėwhite‚Äô, the highest distinction denoting substantially implemented agreed tax standards, requires an offshore financial centre to have entered into a minimum of 12 TIEAs.